Nigerian Banks raise dollar spending limit on Pos, online transactions

Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by over 1000 per cent.

The policy shift is expected to help travellers pay their hotel bills, make reservations and other transactions using their debit cards.

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The decision to increase the spending limit followed improved dollar liquidity in the market triggered by the Central Bank of Nigeria (CBN)-sustained interventions.

Confirming the rising dollar liquidity in the economy, Fitch Ratings said Nigerian banks’ ability to access dollar has improved considerably since the CBN introduced a foreign exchange “window” aimed at investors and exporters.



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